As per the Income Tax law, individual taxpayers filing ITR-1 or 4 are required to file their ITR for the previous financial year (2020-21), which ends March 2021, by 31 July 2021.
Owing to Covid-19 pandemic, the income tax department extended the ITR due date for the 2020-21 session. The extension in the ITR filing deadline will help ease the pressure of taxpayers. Moreover, these relaxations will relax and reduce the compliance burden of businesses who are currently struggling with the pandemic. The extension of due dates for various compliances for businesses as well as relaxations in ITR filing for individual taxpayers is crucial in current situations as the second wave of coronavirus surges towards several states in India.
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What Are The Usual Deadlines For Filing ITR?
As per the income tax law, individual taxpayers filing ITR-1 or 4 can file their return for the previous financial year 2020-21 by 31 July 2021. Whereas the due date for companies and firms whose accounts are to be audited is 31 October.
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What Are The New ITR Filing Deadlines for 2020-21?
After relaxations in ITR due date, individual taxpayers can now file ITR for 2020-21 by 30 September. The Central Board of Direct Taxes has also extended the ITR filing due date for companies & firms. The new ITR filing date for companies now is 30 November 2021.
What Is New Deadline For Issuing Form 16?
The Central Board of Direct Taxes has also extended the deadline to issue form 16. The new deadline for employers to issue form 16 to employees is 15 July.
What Are Belated/Revised Returns And The New Deadline For Filing Them?
Companies or individual taxpayers who fail to submit an ITR within the deadline are allowed to revise or file a belated return with a certain penalty. The new belated or revised ITR date is now 31 January 2022.
What Is New Tax Regime
The government has given taxpayers the option to choose a new tax regime under section 115 BAC of the I-T Act. Under the new tax regime, the annual income of up to 2.5 lakh is exempt from tax. In the same place, the individuals earning between 2.5 lakh and 5 lakh have to pay five percent tax. Income between 5 lakh and 7.5 lakh will be taxed at ten percent, while individuals earning 7.5 lakh to 10 lakh will pay 15 percent tax.